LV Sands to Invest in Digital Gaming Technology
The giant Las Vegas Sands Corp (NYSE: LVS) has announced that they will be investing in digital gaming technology in the near future. This was revealed in an announcement that they are creating a digital gaming investment team.
This new team is to be led by Davis Catlin, who is to join the company after spending the last 14 years working with Sands Capital Management. Despite the similar name, this company, based in Arlington, Virginia, has no connection with LV Sands.
It is thought that they will be focusing on business-to-business gaming solutions, although the exact details of how this might work aren’t yet known.
Sands CEO Rob Goldstein said that digital gaming is still in the early stage of its development and that they see an “outstanding opportunity” to invest in the technologies that will drive this industry forward. They are expected to look at various ways of investing their money into this fast-growing side of the gambling business.
What Else Are They Doing?
This announcement is presumably linked to the news that Sands is currently selling off the properties it owns in Las Vegas. It has already been confirmed that affiliates linked to Vici Properties Inc (NYSE: VICI) and Apollo Global Management Inc (NYSE: APO) will be setting up subsidiary companies to run these properties.
Among the Las Vegas properties to change hands in this way are iconic venues Palazzo and The Venetian, as well as the Sands Expo and Convention Center. The total price mentioned earlier this year was $6.25 billion, and it is believed that the deal could go through by the end of 2021 or the start of the following year.
This sale will free up money for the company to invest in digital gaming, where they appear to feel that there are greater prospects of making it grow. They have also confirmed new investments in Asia.
Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth.